We expect a global growth recession in 2012, rather than either a strong global expansion or a full-scale global recession. We expect global real GDP growth of about 3% in 2012, down from about 3.7% in 2011 and about 5% in 2010.

On February 8, 2012, the U.S. Department of Treasury and IRS issued detailed procedures for implementing the Foreign Account Tax Compliance Act. We expect the proposed regulations to significantly impact our business practices, policies, procedures and systems and those of our clients.

CIBC Mellon clients such as pension plans and some trusts have certain obligations and associated deadlines in respect of draft Canada Revenue Agency legislation released for select listed financial institutions (SLFIs).

This issue by:

Tom Monahan

Tom MacMillan

Jeffrey Alexander

Richard Hoey

Darryl Horn

Simon Lee

Tim Rourke

Peter Maden

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